Options Max Pain

Deribit BTC options expiry max pain price level

What is the Options Max Pain?

Options Max Pain is the expiry settlement price that inflicts maximum aggregate loss on option buyers, computed from open interest across Deribit strikes. In theory, market makers have an incentive to pin price toward it into expiry.

How do I use the Options Max Pain?

Around large monthly/quarterly expiries, watch the gap between spot and max pain: large deviations have a statistical tendency to close into expiry. The tool shows the live deviation percentage for quick assessment.

What should I watch out for?

The pinning effect is only a statistical tendency and routinely fails in strong trends; max pain itself shifts daily with open interest. Treat it as expiry-week context, not a standalone trade basis.

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